The GBP/USD currency pair on the 4-hour timeframe has been following a downtrend recently. The price reached the lowest level of period under study at 1.26082 on 23 May. The price action in the GBP/USD is mainly driven by the weakness in the Pound Sterling.
The 4-hour chart of the GBP/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 1.28149. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the GBP/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 1.28149. Bulls must break this level in order to regain bullish sentiment in the market.